August 31, 2015 8:06 PM

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Centre releases Rs 2,000 crore for Employees' Pension Scheme

Centre has released 2,000 crore rupees to Employees' Pension Scheme (EPS) as its contribution for the year 2015-16. An official release issued by the Labour Ministry said, this contribution is in addition to the Rs 250 crore contributed by the government as grant-in-aid in the EPS, for providing minimum pension of Rs 1,000 to pensioners under the scheme. It said, the contribution of central government is calculated at a rate of 1.16 per cent of the monthly wages of the members contributing to the scheme.Last September, EPS pensioners have been assured of a guaranteed minimum pension of Rs 1,000 per month and it has been necessary to infuse additional amount as grants-in-aid by the Centre to sustain the continuance of the minimum pension.

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